HB 6335 Summary

• Limits "average final compensation" for members hired on or after December 31, 2010 to a maximum of 55% of the member's base pay for pension calculation purposes.

• Defines "base pay" as hourly pay rate up to 40 hours per week and 52 weeks per year, explicitly excluding overtime, accrued leave, bonuses, health insurance costs, and one-time lump-sum payments.

• Permits existing collective bargaining agreements in effect on December 31, 2010 that require greater than 55% average final compensation to remain valid until expiration or renegotiation.

• Preserves all other retirement benefit provisions including age and service requirements, disability retirement options, survivor benefits, and pension calculation methods for members hired before the effective date.